KKR to Acquire Integer Holdings in $5.7B Deal, Shares Surge
ITGR sits 96% above its 52-week low of $62 on elevated volume (4.9× avg).
Summary
KKR is buying Integer Holdings for approximately $5.7 billion, with stockholders receiving $127 per share in cash. The deal represents a significant premium to Integer's recent market cap of $4.1 billion and its 52-week high of $123.50. The transaction is not subject to any financing contingency and will require shareholder and regulatory approvals, with closing expected in the coming months. Following the close, KKR intends to establish a broad-based employee ownership and engagement program at Integer. The acquisition takes the medical device manufacturer private, and comes after Integer disclosed a strategic review in its April 10-Q, along with recent executive retention bonuses and a leadership transition. Integer reported a 2.6% decline in second-quarter sales.
Updates
· SEC 8-K — Integer's Q2 sales fell 2.6% to $464 million; adjusted EPS rose 3% to $1.60. The company withdrew its financial outlook and canceled its Aug. 6 earnings call due to the pending KKR acquisition.
At the time of this announcement, ITGR was trading at $121.50 on NYSE in the Life Sciences sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $62.00 to $123.50. This news item was assessed with positive market sentiment and an importance score of 10 out of 10. Source: Dow Jones Newswires.